WTH is a reverse mortgage?

A reverse mortgage is a loan for homeowners age 62 and older that requires no monthly mortgage payments. The loan is repaid when the borrower passes away, leaves the home permanently or sells. Funds available are distributed as a lump sum, line of credit or structured monthly payments.

Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

I was wondering, what happens when the reverse mortgage was done, later after the borrower dies, the beneficiary learns of the reverse mortgage, and also learns that an irrevocable trust was created 10 years before the reverse mortgage, placing the property in a trust for the minor.

A reverse mortgage is a loan for senior homeowners that allows borrowers to access a portion of the home’s equity and uses the home as collateral.

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 · Myth #1 Reverse mortgages are a scam 1. When the reverse mortgage was first introduced, a few unscrupulous sales people took advantage of seniors and gave the product a bad name. In some cases, seniors were not properly informed of the loan’s terms or requirements. Protections have since been put into place to prevent these scenarios.

Reverse Mortgage Pros and Cons - Is a Reverse Mortgage Right For You? Reverse mortgage – Wikipedia – A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage.

Reverse Mortgage Guides is a reverse mortgage educational website. Our goal is to help explain many of the pros and cons of a Home Equity Conversion Mortgage (HECM) for homeowners. We publish articles and tools for older Americans who are considering a reverse mortgage and want to become further educated before making a decision.

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